Bakkt CFO exercises options for 335 shares

Bakkt, Inc.’s Chief Financial Officer Alexander Karen exercised stock options to acquire 335 shares of Class A common stock at $10.00 per share on May 15, 2026.

Rhea-AI Filing Summary

Bakkt, Inc.’s Chief Financial Officer Alexander Karen exercised stock options to acquire 335 shares of Class A common stock at $10.00 per share on May 15, 2026. After the exercise, he directly holds 56,106 shares, including 18,852 shares subject to restricted and performance stock units that still must vest.

The options exercised are part of a grant that requires a predetermined number of options to be exercised each quarter over eight quarters at $10.00 per share, with each quarterly tranche exercisable only during a defined two-day exercise period, subject to blackout-period adjustments.

Insider Trade Summary

335 shares exercised/converted

Exercise 2 txns

Insider Alexander Karen

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	335	$0.00	$0.00
Exercise	Class A Common Stock	335	$10.00	$3K

Holdings After Transaction: Stock Option (right to buy) — 26,176 contracts (Direct); Class A Common Stock — 56,106 shares (Direct)

Footnotes (2)

1. F1. Includes 18,852 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.
2. F2. Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). The Committed Options are exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period.

Key Figures

Options exercised: 335 shares Exercise price: $10.00 per share Shares held after transaction: 56,106 shares +3 more

6 metrics

Options exercised 335 shares Class A common stock acquired via option exercise on May 15, 2026

Exercise price $10.00 per share Strike price for exercised stock options

Shares held after transaction 56,106 shares Direct Class A common stock holdings after exercise

Unvested RSUs/PSUs 18,852 shares Shares subject to restricted and performance stock units still vesting

Remaining options 26,176 options Stock options to purchase Class A common stock after exercise

Quarterly tranches 8 quarters Option grant requires exercise of committed options each quarter

Key Terms

restricted stock units, performance stock units, stock options, Quarterly Tranche, +1 more

5 terms

restricted stock units financial

"Includes 18,852 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

performance stock units financial

"Includes 18,852 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting."

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

stock options financial

"Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025."

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

Quarterly Tranche financial

"One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche")."

blackout period financial

"provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period."

A blackout period is a temporary window when company insiders, employees or certain plan participants are barred from buying or selling the company’s stock, usually around earnings releases or other material events. It matters to investors because it reduces the risk of unfair trading based on secret information and can affect share liquidity and timing—think of it as a “no trading” zone set to keep the market fair and orderly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Bakkt (BKKT) report for CFO Alexander Karen?

Bakkt reported that CFO Alexander Karen exercised stock options to acquire 335 shares of Class A common stock at $10.00 per share. The transaction was coded as an option exercise, not an open-market purchase or sale.

How many Bakkt (BKKT) shares does the CFO hold after this Form 4 transaction?

After the option exercise, CFO Alexander Karen holds 56,106 shares of Bakkt Class A common stock directly. This total includes both fully owned shares and shares underlying restricted stock units and performance stock units that remain subject to vesting conditions.

What is the strike price and size of the options exercised by Bakkt (BKKT) CFO?

The CFO exercised stock options covering 335 shares of Bakkt Class A common stock at an exercise price of $10.00 per share. These options are part of a larger grant that must be exercised in specified quarterly tranches over eight quarters.

What vesting-related shares are included in the Bakkt (BKKT) CFO’s holdings?

The CFO’s 56,106-share holding includes 18,852 shares tied to restricted stock units and performance stock units that are still subject to vesting. These awards do not fully belong to him until the applicable vesting conditions are satisfied over time.

How are the Bakkt (BKKT) CFO’s stock options structured over future quarters?

The options were granted with a commitment to exercise a predetermined number each quarter for eight quarters at $10.00 per share. One-eighth becomes exercisable per quarter within a two-day exercise period, which can shift if it falls during a blackout period.

Did the Bakkt (BKKT) CFO sell any shares in this Form 4 filing?

The Form 4 shows only an exercise of stock options to acquire 335 shares and no open-market sales. The transaction codes and summary indicate option exercise activity, with no reported dispositions or tax-withholding share sales on the reported date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/19/2026 - 05:25 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Alexander Karen

(Last) (First) (Middle)

C/O BAKKT, INC.

3280 PEACHTREE ROAD NE, 7TH FLOOR

(Street)

ATLANTA GEORGIA 30305

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bakkt, Inc. [ BKKT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/15/2026		M		335	A	$10	56,106(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$10	05/15/2026		M			335	05/15/2026	(2)	Class A Common Stock	335	$0	26,176	D

Explanation of Responses:

1. Includes 18,852 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.

2. Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). The Committed Options are exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period.

Remarks:

	/s/ Karen Alexander	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)